tv Countdown to the Closing Bell With Liz Claman FOX Business February 25, 2016 3:00pm-4:01pm EST
bernardino iphone unlocking case. it forces apple to create an operating system too dangerous, once the floodgates are open they cannot be close, that is apple. liz claman to you for the final hour of trading. liz: a lot of breaking news. let's see, apple has filed a motion acting -- asking a federal judge to allow the not to comply with fbi request to open another-terrorists used before killing 14 people in california and it turns out the fight over cracking open the phone is, quote, the most difficult issue the director of the fbi has ever seen in all his years serving the u.s. government. james comey, and the proper balance between security command privacy, by the american people.
comey making comments 3d scene is, making the program to open the iphone is, quote, the software equivalent of cancer. the fbi wants apple to open the iphone specifically that five see use by the san bernardino terrorist couple who killed all those people in california in december. what happens next? james woolsey in a fox business exclusive, never said how far the government would go to get the information from the terrorists's cellphones. that hot topic absolutely sure to come up tonight in the lone star state, the five remaining republican presidential candidates face off indeed the number 10. it may be now or never for those who think they can stop the front runner, donald trump continues to build steam at this hour.
the special report with us live on the lines of attack we seen next on the of winning contest. on wall street the bulls hoping terrible news, we are less than an hour to the closing bell. stay with me and start the countdown. let's get to this breaking news. apple has begun a conference call right now and addressing a battle the fbi has been in whether to open the iphone to the san bernardino terrorist who had owned it. this is developing as we speak about what i can tell you is they have filed a motion and in it they say, i will paraphrase, apple has gone above and beyond what is required by law to support the government in the investigation. governments say they are not supporting us at all. we need to open the phone of these people and find out who
they were speaking with and with whom they were dealing in advance of this terror attack. indeed appears through this motion apple is asking a judge to drop it and not force them, the markets are jumping 129, the bulls are battling back. it was not evers us. earlier we had a dollar by 160 points and the s&p was moving 15. oil, talk about that, settling up 3% to $33 and seven pennies. that is the highest level since january but energy still is the worst performing sector for the s&p. consult, murphy oil, the worst performers now, consult energy down 5%, what is working? interestingly the financials which were horrible yesterday, names like pro logic, morgan stanley leading away. let's get to the apple breaking
news and the battle over whether apple will ever agree to crack open the dead terrorists phone. it has wrapped up in the last couple minutes. we mentioned the motion apple has filed asking the judge to drop it but the fight right now we spilling out of every 4 on capitol hill. heads of multiple national security agency's testifying all day long on capitol hill discussing worldwide terrorist threats from isis to c rea along with tensions in the south china sea but front and center is the apple encryption debate whether apple should help the fbi unlock the iphone used by the san bernardino terrorists. right now at this very moment you can see it here, story is coming to a crescendo. james comey testified so low on thought hot seat. /night tim cook made it quite clear what he is going to do, he doubled down in an abc interview hardening his stance and refusing to unlock the gunman's workplace iphone.
>> this would be bad for america. it would set a precedent that i believe many people would be offended by. is in our view the software equivalent of cancer. something that should be created. >> i have not talked to the president. i will talk to the president. liz: they are addressing the issue. let's listen in. >> a judge will issue a decision interpreting the statute, it would not be binding on other judges but there will be other phones. this is a huge issue for state and local law enforcement is there will be other judges who look to that to see whether that is a similar circumstance, no doubt about that. >> if it does creep precedents, the impact on constitutional principles of the >> that is a good question
because the precedents will be created under the framers of the constitution. a search warrant is an exercise of authority under the first amendment. the old ritz act when it passed the fourth amendment in 1789 is an exercise of the court's jurisdictions of the great thing about this as i keep stressing, this is not a soberinges phones, is going to a constitutional court asking permission under the fourth amendment to do something and it would be a precedent in this sent that a court would look to see whether it is useful and the entire framework is under our rule of law. >> not to be argumentative, this is technology. this is a constitutional question, and arguing security versus privacy. in 1941, 1941 december, we had
pearl harbor, and a group of u.s. citizens, were incarcerated based on security and privacy and national security, these folks were moved in total. when we looked at it for your 50 years later with some hindsight we realized we reacted not judiciously but we used the courts and the supreme courts also to justify the actions of government so i am saying one person who has seen this kind of thing happen, pretty conscious about how we move forward. i understand the tragedy. i'm mention that, in times of tranquillity our constitution is
really challenged. and we are thoughtful about it. we do not want to make a mistake. >> that is why it is so important that this be a national conversation because the stakes are too high. and children and grandchildren's lives, i don't think it will be decided on one court case or another. the fbi or some other company, the american people decide how we want to be. >> just to say we agree we should have a national conversation, these kinds of things have always been rushed
into and thoughtful people need to get together. appreciate this. >> chairman rogers. >> your request includes -- >> this is james comey, director of the fbi, fielding questions from members of congress. what makes that exchange interesting is the congressman who was discussing that with james comey is the california democrat who has silicon valley in his district. in essence saying we must be careful and not rush to judgment because the constitution is at stake. director comey agreeing to the federal magistrate judge, the all rights act does back to 1789 but if you don't know what that is, it allows courts to make -- force the company to turnover information coming in this case data as it pertains to being helpful to law enforcement officials and you at that on top of what has just broken at the
top of the hour, apple filed a motion saying drop it, we are not going to do it, let's bring in bret baier because you knows this is going to be a topic at the gop debate for democrats and republicans. >> it will be and it is a significant topic. you heard the back-and-forth over privacy versus national security. it is being argued within the administration and in some circles on capitol hill that this is a one time deal and they want to make sure it is. it opens up questions about where this goes from here and that is where apple is in protecting their turf and also wears these congressmen are and senators who say why do we have to open this door? liz: keeping to what is happening tonight, a big debate in texas one of the supertuesday
states you have donald trump who called during this very hour on friday for a boycott of apple, doesn't appear people are checking their iphones right now or putting them on ebay in mass numbers that he is expected to make a big deal of it and he would really speak to the feeling of a lot of people who feel open the phone, let us find out what is on it but others would argue ended almost sounds like james comey his understanding of that collapse position although he wants the phone open, we have to be careful here, this argument transcends a single person's phone. >> i expect it will come up in the debate but the issue is not clarifying between candidates. without rand paul on that stage, all these candidates are talking for apple to agreed to the demands because they believe national security is trumping indeed talk about the problem with back door into that phone. so they have all talked to all these candidates who are still
running about the access, even the one time access on this particular incident. i do think the overall issue of national security versus privacy is one that will play out in the presidential election not only in the primary but the general election. it liz: an excellent point about rand paul because he has in very big when it comes to that libertarian sentiment about keeping things private which is what in part the constitution would have supported although in this case is extremely emotional, we know we have the isis problem and terrorist situation and it is horrific. let's talk about winning and that is the term donald trump may have invoked but it looks like ted cruz is ahead when it comes to the state of texas. what is the latest data you are seeing and what is your feeling about what might happen on supertuesday? >> a lot depends on what happens tonight, how the debate unfold. is significant, debate have mattered.
we saw what happened to marco rubio in new hampshire who was well-positioned going in there and had a bad debate and finished fifth. he has bounced back now but he needs to make his mark if he is going to challenge ted cruz for the one man standing against donald trump. donald trump is the best position right now bar none. if he continues this momentum he could sell up a lot of this by march 15th just on pure math. liz: i would be remiss if i did not ask about south carolina, the scuffle between hillary clinton and bernie sanders. bernie sanders moving on to supertuesday states the this is a lot for it hillary in the democratic primary? >> looks like it going in, she has a significant lead and it would be a tremendous political shocker if even bernie sanders is close, that would be a big shock. bernie sanders is playing
strategically trusteed he thinks he can pick off, vt. mean, maybe michigan, maybe minnesota, playing in places he thinks he can get delegates and challenge the clinton machine. i think she is formidable and likely to be the nominee. liz: democrat or republican apple versus the fbi has already like a snowball effect becoming a big talking point on the campaign trail. bret baier, watch him every weekday, fox news channel 6:00 p.m. special report. let's get to jo lin kent, you were on the conference call listening to what apple said. jo lin: they followed the motion to vacate, the protest to search warrant filed by the government, they are saying what the government wants to create they are calling it a play on deep operating system that is installed on apple phones across the board. they say what the government
wants than to do violates two amendments, the first amendment for free speech and face a software code is protected free speech and apple is saying the government is violating their fifth amendment, and they're right to conscripts to undermine its own product and so you have apple officials, taking the case all the way, they say what the government wants them to do is create a forensic lab in their own company and compel them to write that. they do believe the president would have wider implications across the country. a hammer home the point that tim cook made on television in his interview with abc and this should be going to congress instead of through the court. they were not happy congress would not work fast enough. they chose the legal route
through the court magistrate in this court order and this warrant. the deadline was on friday. the government is using to justify this allowed them to circumvent the legislative process. liz: interrupt as if you get any more. honestly i think this will go as far as the supreme court. this is really becoming not major battle on capitol hill and at the highest levels of the court system. as we are speaking, apple is not getting hurt by this. is moving higher, helping the market certainly but made the markets don't need the help of apple. we have session highs, dow jones industrials up 159 points this is where we got a terrible stock-market data out of china. bring in traders on the floor show, we have stock market plummeting 6% overnight, up that
didn't hurt us. it did close up 3% but certainly didn't do much that would do this. what is pushing the market higher? >> i think most people are still thinking it has to do with the price of oil rallying at the end but to meet this is a market where the volume has been light considering what it has been. it picked up in the last few minutes but if you are a day trader or fast money guy, these markets are really great for you but if you are an investor you are looking at fundamentals and listening to a lot of talk about recession, citibank coming out with possibility of recession and still remaining a little bit precious. i don't think all the money out there is a rally. liz: we have durable-goods for january that looks really decent here, up 4.9%, making people wonder if the worst of the manufacturing divides is over so
when you look at the flows here, people believe that won't move until the next meeting but it may fight incrementally. >> when you see a rally yesterday sitting on highs, march 15th, and deep in the comment, and they have more room on the upside if that is the case, if we feel march 15th there won't be a move these markets will continue -- liz: looking at the fed's half, in march. it is up 100 points right now just a less people know the highs of session, and 69 points for the dow jones industrials up 157. >> very telling in these markets. you will see it on huge volume.
i think now you are looking at 1 billion shares. the fed is anything huge. and things a lot more than that. liz: great to see you. he make an excellent point, steam is coming out of there and we are watching this closely. a lot of news we covered in the first 20 minutes of "countdown to the closing bell," 40 minutes left, anything could happen with the dow 160. more on this breaking news, the nation's national security was a former director of the cia, james woolsey in a fox business exclusive. that is coming up in nine minutes but try and try again.
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with the international space station but not all the missions have been complete successes. an attempt to land another rocket so they could be used that as you see, elon musk says there's a good chance the it won't make the cut either. but that is not stopping him from trying because phil keating, that is what on for for nors do. they are alive at cape canaveral, it is exciting. >> as windy as it appears today, it was windy at the launch pad site yesterday and that combined with higher temperatures than we have to say at cape canaveral area that helps the space x launch team to scrub last night's attempt and focus on today. and at 6:30 eastern time, today 80% success rate. people are very excited.
especially space x and the private payload which is the property of what is being launched, a g a synchronous telecommunications satellite. the plan is for the space x rocket to go higher than it normally would, deploy the payload and send it off 22,000 miles from earth and bring the falcon 9 rocket vertically always back down to its autonomous drone shipped, 50 miles east of jacksonville floating in the atlantic ocean. space x is trying to land its rock on the floating ship, four previous times, all four failed, up but they don't think is going to succeed because they don't have as much as they would but they are going to give a shot. liz: that is what is the right brothers did. phil keating with the eyewitness you right there and nor doubt we
will tell you how it goes. closing bell for 34 minutes away and you can see stocks are jumping up 158 points, still not at highs of the session, we touched 11 minutes ago, 169. this, tim cook versus the fbi, is unbelievable. the story breaking moment by moment, vowing apple lasting correction site to the white house and continues to prevent the government from cracking over a the iphone in front of the san bernardino murderers, the battle to protect privacy and safety of all americans. jesus opening this will be bad for america. james bully the up next and exclusively live on what he anticipates will be the next controversial step in this epic and historic fight. he is up next. don't move. (patrick 1) what's it like to be the boss of you?
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liz: major news that broke at the top of the hour is apple filed paperwork to vacate the court order for apple to assist the fbi in hacking the open of phone owned by the company that employed the terrorists who murdered 14 people in san bernardino. apple hosted a conference call to explain. what else did you glean from this because now is a real war? jo lin: that motion was filed and what you need to know is apple argues this court order to hand over access to the iphone involving the san bernardino shooting violate their first and fifth amendment rights. they say apple says the software code is protected free speech and this would violate the first
amendment complied and apple said it violates their right to be free from arbitrary -- liz: the fbi director james comey is exceeding the room discussing this issue, and i don't know if you heard but he said apple was paul lights and helpful, those were comey words, but they were in transition, this was a precursor to what you would telling us now. >> on the call apple did talk about fbi director comey himself and says in light of his comments in some ways they may be on the same page that they were not, they walked us through a timeline of the demand the government made of them, how much they did apply and apple felt it was no longer possible for them to comply. you need to take home apples saying that acted not support, quote, such sweeping use of digital power. they want this litigated in congress and they say is they
would have to let effectively create government operating systems and create fbi forensic lab on site that would endanger hundreds of millions of people's iphones. this is how the court responds. liz: scare tactics are running and who knows how this develops. what you saw was james comey of the fbi going to meet with president obama and the national security council this afternoon. this following your lead testimony by the agency chiefs on worldwide terrorist threats from said -- facing the u.s.. every single camera chief in united states was on capitol hill, now they are descending on the white house to meet with the president. this as the ongoing fight between the fbi and apple wraps up. is the information on the phone with president obama to issue an executive order to get the information? what does the fbi do next?
joining us in a fox business exclusive is cia director ambassador james lee. what can we anticipate is the next step in this fight? >> as long as it is a fight it won't work. you have two important values being defended, one by the fbi and one by avalancpple and what essential eat privacy we have to step back and see if congress can come of with a new statutory system. i would use the surveillance act to make decisions on matters of this kind and give them exclusive jurisdiction over decisions like this and when there is a decision which would
require a new set of technology to be put together by apple and any other company. let that be entirety within the hands of apple and the only thing that is transmitted to the outside world or anybody is the conclusion, there is no leak of texture -- technology to the wider world. i think that is a chance. liz: is still a battle right now and the wagons are circling. we just got this breaking news. in the wake of microsoft filing a brief supporting apple that was earlier today, we now have this, according to dow jones newswires do the land facebook and not just tweeting out their support, they are filing motions supporting apple. it does continue to be a battle. i don't pretend to guess where
anybody stands on this. we have discovered it is extremely complicated and disconcerting, but there are people taking sides on this. where do you stand on this? you went to yale law school, worked in the government, tell us how you feel about this. >> we should do everything possible to avoid the fight. if one side or the other wins here the other value, privacy versus security is going to lose or lose at least to some extent. the technology can be kept out of the marketplace, kept away from jurisdiction of other courts in other countries or the united states, can be exclusively held by nsa but provides the conclusion, in this case there's a third terrorist at large or whatever. it is not going to work if one side or the other wins our right.
there will be some real losses unless we can have a statutory lee driven compromise. liz: before people pile on silicon valley, you do have twitter and facebook now shutting down isis related sites and in fact this came up that there is an isis propaganda movie out now, horrific image showing bullet holes through the foreheads of mark zuckerberg of facebook and jack dorsey of twitter because they have shut down isis websites and isis's attempts to sweet. to be fair and balanced silicon valley is not entirely digging in its heels except this one issue. why do you feel for lack of a better term we should tiptoe around on eggshells. lots of people say apple should open the one phone? >> if they do that with no changes in the underlying statutory structure, then tomorrow some other court is
going to say we have something different, a similar order or some court is going to have jurisdiction, i don't think this can be resolved with the current statutory structure. with out one side or the other losing and i don't want either of them to lose. i would like to change the way the game is played so the technology gets held closely by the national security agency, but the conclusion is given by the nsa to foreign intelligence surveillance. liz: does it go as far as the supreme court? >> under the current structure it will probably go to the supreme court but i don't think that is the way we want things to work out. you have to change the structure to that both sides win. liz: ambassador james busey,
chancellor of the institute of world politics and former head of the cia, thank you very much. closing bell ringing in 20 minutes and we are still moving hire, four points away, six points away from session highs, down 63 points, banking revenues, is what they're reporting really what the scene, absolutely yes. charlie gasparino is now coming down to tell you different story. he says otherwise and will tell us why. choose world.
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what caused a controversy and how we got this logjam. >> he was our coverage on fox business and fox news because thousands of people were responding to this, ben shapiro was banned from delivering a speech scheduled to take place and 2:00 p.m. pacific time, 5:00 p.m. new york time. it will now take place all the the university banded. he reverse his decision and he should statement to fox business in which he says i strongly disagree with mr. shapiro's views but if he does appear the university will allow him to speak. ben shapiro is no relation to me but he is intending to speak with the university permit him or not. the university will allow him to speak inside the theater where the student body council, student council body already approved twice this speech. it is called wind diversity becomes a problem. there are already protesters outside the theater at cal state university. mr. shapiro is on his way and that will take place at
5:00 p.m. eastern, 2:00 p.m. pacific. liz: let's get to big banks continuing to tout their profits this year, but there's something they are not telling you about what is actually shrinking. charlie gasparino here to break the news. charles: look at the employment numbers at big banks. as normal companies do they expand, banks have shrunk or remained extremely stagnant. look at that chart. despite record profits we should point out that bank employment has largely stagnated from 2008 financial crisis. you can see it rising rather than going down. that blue line is interesting because city grew more than any bank has shrunk its employment by several hundred thousand in the past week in years but it doesn't stop there. goldman sachs, relatively
stable, look at that line. and at a pretty steady pace, even despite the fact they had record earnings in 2009-2010, huge earnings, goldman sachs remained stagnant in employment, not because of dodd-frank and some other financial regulations. there are other players, jpmorgan is one, let's check out two things about them. they were both forced to take on other rivals, divide them up in the financial crisis but even there you will see employment shall ratchet up. liz: how all the things that matter -- >> these are not and profitable banks. why are they cutting back
employment? it is post financial crisis, regulations, and one other thing, the heaviest not on the fat cat bankers, you could find employment particularly in and day. if you are a complaints executive you went to law school you can get a job at a big bang, this is flowing very hard on average workers, one of the things, the gentleman we had on, a nice kid -- just so you know -- liz: the protester who helped disrupt his fund for the waldorf. charles: what he doesn't get his hands around, these hedge funds at these banks are like rolling in dough that everyone makes $10,000 a year. they employ a lot of average people and the average people have taken it on action. the drivers of the stock market over the last 20 years, the
growth of the financial-services industry. stocks generally big stocks have been correlated to that. that growth has ended. profits could be a lot higher. liz: wall street goes through these moves. charles: this is going on for ten years. liz: growth has been slow. charles: ten year drought, depression, this is employment depression, not good for new york city or major metropolitan areas or average americans, they work at these places. liz: they are making money now. a new high up 188 points, two points below that but the dow hit its session highs, taking the s&p along for the ride, up 19 points. charlie gasparino, thank you. breaking news, markets are charging ahead in the last 11 minutes before the closing bell
liz: breaking news. a new high, up 1 the 2. we're straddling that right this second for the dow jones industrials looking very healthy in these final couple of minutes -- 192. we're stacking up earnings after the bell. let's get to the nyse and lori rothman. what are we looking at? reporter: we have earnings colling out even with fourth quarter earnings winding down. we have some headliners. reports from baidu, chinese company, $6.60 per share
earnings versus $9 last year that could be telling, benchmark, bellwether how much china is giving itself but really the global economy. we'll hear from gap as well. the retailer looking for a significant decline in earnings in the same quarter a year ago. gab looking for 5cents, versus 7 -- 57 cents versus 75 cents a year ago. this will be the first quarter weight watchers reports since, who else, oprah took a major investment and went on the plan itself. what better advertising than you can get with oprah when she is actually losing weight on the plan. we're at session highs. dow up almost 200 points as we go to the close. how about that? liz: added one more point to the session highs, lori. 193 to the upside. we're waiting on earnings numbers.
s&p 500 is just below 1950, that level, that ceiling decisively as markets to perceive as real recovery but options experts say the bears are still in charge. right now the markets are highest since early january. let's bring in wbi fund president, bear, matt schreiber, he says be careful how you invest but you can still get money to run with the bears while making bullish type returns. why so bearish? >> well earnings here five straight quarters have been in decline and really q4 is no better at moment. most s&p 500 companies reporting already, earnings for a fifth straight quarter have now been in decline. liz: okay, so the e. they always talk about china, oil, worries about a recession and of course earnings, but you say that is the big issue but yet the market seems to be fairly valued or maybe a little pricey, is that how you perceive it? >> yes, we think based on trailing earnings, look at
"barron's" last week, 21 pe multiple on the s&p 500, that is well above average. to go back to average and p-e multiple of 15, roughly speaking, you could see a pretty large decline on the markets. liz: somewhat contrast to what you're saying s&p hit the 1950 level i was telling you about. we're slightly below it. looks like the bulls control today, you being bearish say there are names you can get into right now that can protect you if you want to be the bear investing. put them up on the screen. c.r. bard, brookline bank corp, nice dividend of 3 1/2% and meridian bank corp. what do all these have in common that will help you? >> rising earnings, rising revenue. it is a great trend this those particular stocks. that's what you want to see, if you're investing right now you want to be cautious and find companies that bucked the trend. try to find solid earnings,
solid revenue. that's where you want to invest the money right now. liz: right now the dow is up 200 points. again i will ask the chart to see the names so people can write them down. there are people who are very worried about the volatility of the market and also concerns which we have no control, that is china whose stock market fell more than 6% today but we got good durable goods numbers. it's not the worst picture in the world at least for the u.s.? >> you know, it has been a mixed bag in terms what you're looking a in terms of economic fundamentals. gdp since the recovery has been in decline. q4 is no exception. liz: why is that? >> we haven't been putting people back to work. that's really what we need to see people getting back to work and the american economy will be humming again. liz: hard to make money though in this market, isn't it? >> it is, very hard to make
money but buy low, sell high, and protech your capital. capital is the best thing to focus on, not return. liz: we'll put all of your picks up on foxbusiness.com and liz claman, the facebook page, facebook.com/lizclaman. tell your dad don, we said hello. matt schreiber. we're holding at the level, one point above it, 1951. that does it for "countdown to the closing bell." david and melissa, highs for the session. what an hour. you have earnings coming up too. david: very interesting trading in lockstep with what oil is doing. you look at oil chart, look at a dow chart, they're almost simultaneous. they to along with each other. we're covering that gearing up for fight night tonight. this is the last republican debate before super tuesday. time of course is running out for ted cruz and marco rubio to try to turn the trump tide but one candidate is suffering a home-state headache.
the shocking results of a brand new state poll. very interesting stuff. melissa: that was surprising one when it came out today for sure. oh, the irony. mitt romney warning of a bombshell in donald trump's taxes, an issue that derailed romney's campaign back in 2012. we remember that. wait until you hear what romney's 2012 rival herman cain has to say. he joins us in a minute. david: a lot of people feel he is throwing rocks living in a glass house, mitt romney is, after all the trouble he went through. cyrus vans the district attorney for manhattan who has about 175 iphones that he wants to break into, help fight criminals. they can't get into it. they want apple's help, he is going to be here to defend his position which is of course anti-apple position. we had ted olson yesterday. today we have cy vance with other side of that issue.
we turn to stocks. they are soaring at the close. hitting session highs as the bells sound on wall street. [closing bell rings] david: the dow is up 209 points. melissa: here is where we end the day, stocks soaring into the close. up 210 points. crude oil cruising higher by almost 3% there, 33.03 the last trade. gold on, the only one losing on the session. let's go to straight to lori rothman on floor of the new york stock exchange. lori, what has been fueling this rally over the past hour? reporter: hi, there, melissa. i would say last hour 1/2, two hurt eastern. what time is that? when oil closes. as soon as -- 230. two consecutive days, almost more than 2 1/2% gain. that was all market watchers